IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Investor Presentation (September 2024)
31 slides from IRSA Inversiones y Representaciones SA's investor presentation, September 2024
Slide 1: Institutional Presentation FY 2024
Institutional Presentation FY 2024
Slide 2: Leading Real Estate Company in Argentina
Leading Real Estate Company in Argentina Shopping malls 30 years acquiring, 15 336,545 sqm developing and operating RENTAL Office buildings Real Estate. SEGMENT 5 59,348 sqm Hotels 3 79,000 sqm Rental portfolio of approx. 480,000 sqm of GLA across Ramblas del Plata DEVELOPMENT 866,000 sqm Argentina.
Slide 3: Premium Portfolio in Top-tier Locations
Premium Portfolio in Top-tier Locations Shopping Malls Low Income Area Middle Income Area 15 Shopping Malls Alto Noa Salta DOT Baires Shopping High Income Area Córdoba Shopping Soleil Premium Córdoba 336 sqm of GLA (in thousands) Outlet Distrito Arcos Alcorta Shopping Patio Olmos Ribera Shopping 1,4
Slide 4: Premium Portfolio: Shoppings
Premium Portfolio: Shoppings Alto Palermo (City of Buenos Aires) Abasto (City of Buenos Aires) DOT Baires (City of Buenos Aires) Distrito Arcos (City of BA) Alto Comahue (Neuquén) Patio Bullrich (City of BA)
Slide 5: Premium Portfolio: Offices
Premium Portfolio: Offices Top-Tier Locations Philips Building 5 DOT Building Zetta Building Office Buildings 200 Della Paollera 59 Zetta Building (City of Buenos Aires) sqm of GLA (in thousands) 95.5% Occupancy Rate ~7% Intercontinental Plaza Expanding Corporate Area Market Share AAA AAA Location i
Slide 6: Premium Portfolio: Hotels
Premium Portfolio: Hotels Top-Tier Locations 3 Premium Hotels 79 sqm of GLA Llao Llao Resort (Bariloche, Patagonia) (in thousands) Libertador Hotel Autonomous City Of Buenos Aires 2 Provinces Intercontinental Hotel Autonomous City Of 64.2% Occupancy Rate Buenos Aires Llao Llao Resort 718 Rooms Baril
Slide 7: Rental Revenue Model
Rental Revenue Model ARS Linked To Inflation (Shopping Malls) ARS 14% Revenue Breakdown: Variable (24%) 5% • 74% Rental Revenue: The company 4% Tenants by collects the highest between a % of category 45% tenant monthly sales and a 10% (m2 of GLA) minimum rent (base rent). Fixed (50%) • 26% Other Rev
Slide 8: Shopping Malls Operating Figures
Shopping Malls Operating Figures Tenant Real Sales (ARS MM) & Occupancy (%) ∆ trim i.a. IQ 24 +10.1% IIQ 24 +8.0% IIIQ 24 -18.5% IVQ 24 -19.3% 98.8% 99.0% 98.5% 98.5% 97.4% 97.6% 96.5% 94.7% 93.2% 93.1% -4,5% 2,347,734 2,366,060 2,260,614 2,159,160 2,134,244 2,163,438 89.9% 1,980,686 2,039,456 1,862
Slide 9: Office Buildings Operating Figures
Office Buildings Operating Figures Stock (GLA: Sqm) Leases (USD/sqm/month) & Occupancy A+ & A1 Office Sales FY24: ~15k sqm 95.5% 115,640 92.8% 92.8% 113,291 Suipacha 200 Della Paolera Building 3 Floors 88.5% 86.9% 83,892 74,392 59,348 IVQ23 IQ24 IIQ24 IIIQ24 IVQ24 26.4 26.1 25.7 25.7 25,4 FY 20 FY 2
Slide 10: Hotels Operating Figures
Hotels Operating Figures Hotels Portfolio Rate & Occupancy (USD/room & %) BA Hotels: Rate & Occupancy (USD/room & %) 62.8% 62.1% 46.9% 31.7% 8.3% 66.8% 64.2% 150 125 78 99 133 FY 20 FY 21 FY 22 FY 23 FY 24 45.9% 40.1% COVID-19 Llao Llao: Rate & Occupancy (USD/room & %) 12.2% 76.7% 69.3% 61.2% 243 20
Slide 11: Strong Real Estate Activity During FY24: Acquisitions, Swaps and Asset Sales
Strong Real Estate Activity During FY24 : A C Q U I S IT I O NS , SWA P S A N D A S S E T S’ SA L ES “SUIPACHA 652/64” OFFICE BUILDING SALE QUALITY INVEST S.A. (SAN MARTÍN LAND PLOT) SALE USD 6.75 MM 11,465 sqm 7 62 BA City USD 22.9 M 159,996 sqm 80,027sqm BA Province Sale price GLA Floors Parking L
Slide 12: Latest Real Estate Acquisition
Latest Real Estate Acquisition Alto Avellaneda Adjoining Property (Buenos Aires Province) ACQUIRED PROPERTY Purchase price 86,861 sqm of total area 12.2 (in USD million) ALTO AVELLANEDA SHOPPING MALL 32,660 Built sqm The Shopping Mall of South Greater BA Ranking of Alto Avellaneda within our portfol
Slide 13: CAPEX Plans
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Slide 14: "Ramblas del Plata" Project
“Ramblas del Plata” Project Premium Location: South Puerto Madero Ramblas del Plata represents 1/3 of the Puerto Madero size of Puerto Madero. Urbanization Area Obelisk Pedestrian Walkways and Access Points Public and Green Space National Government Ramblas del Plata 14
Slide 15: "Ramblas del Plata" Project: Preliminary Render illustrations
“Ramblas del Plata” Project: Preliminary Render illustrations 866,806 Buildable sqm Mixed-uses Potential 15-20 years Project
Slide 16: "Del Plata Building" Project: Preliminary Render illustrations
“Del Plata Building” Project: Preliminary Render illustrations 35,000 Saleable sqm 14 Floors 720 Apartments 4 Parking basements 16
Slide 17: "La Plata" Project: Preliminary Render illustrations
“La Plata” Project: Preliminary Render illustrations 78,000 FY 2025 sqm Start of works ~100,000 FY 2026/7 Total buildable sqm Estimated opening (in thousands) 22,000 USD 30 MM Shopping malls sqm Estimated investment City of Buenos Aires La Plata La Plata is the 5th highly populated city of Argentina
Slide 18: "Polo Dot" Project: Preliminary Render illustrations
“Polo Dot” Project: Preliminary Render illustrations 18
Slide 19: Polo Dot Office Park: Preliminary Render illustration
Polo Dot Office Park: Preliminary Render illustration Exa Building DOT Baires (planning status) Shopping DOT Connection (planning status) Giga Building (planning status) DOT Building Zetta Building Philips Building (future recycling) 19
Slide 20: Other Properties for Mixed Use Developments
Other Properties for Mixed Use Developments Luján Plot Caballito La Adela 15 # of Land Reserves (Buenos Aires) (BA City) (Buenos Aires) 15.8 Total surface (mm sqm) 6.9 Buildable surface (mm sqm) Montevideo Patio Bullrich Mall Expansion Córdoba plot Intercontinental II (Uruguay) (BA City) (Córdoba) (
Slide 21: ESG Latest Achievements
ESG Latest Achievements “200 Della Paolera” Building Leed Certification Social Investment 72% +100 of the premium offices Social Actions portfolio are leed certified ARS 500 MM Social Investment FY24 +100 Relationships with NGOs Strong Track Record in the Capital Markets 3 Malls from BA City Obtaine
Slide 22: Digitalization Progress: Investment in APPA
Digitalization Progress: Investment in APPA IRSA’s stake 98.7% Registered Users (million) +44% Growth YoY 2,6 2,4 2,2 2,0 The Shopping Malls’ App. 1.61 1.79 1.29 1.39 1.52 A Tech company that transforms the user 1.12 1.16 0.96 1.00 1.06 experience within shopping malls and generates data that provid
Slide 23: Financials: Investment in Banco Hipotecario
Financials: Investment in Banco Hipotecario IRSA’s stake 29.9% Banco Hipotecario was Argentina’s first bank to restore mortgage loans in the country this year, 70.1% followed by other 14 public and private banks Key Indicators Evolution: Profitability Share Price Evolution ARS +768% YoY Jun-23 Jun-2
Slide 24: Financials
Financials
Slide 25: Rental EBITDA Evolution by Segment
Rental EBITDA Evolution by Segment USD Million +24.7% Hotels Office Buildings -2.3% Shopping Malls 167 164 15 20 131 14 13 12 115 26 95 8 9 18 28 139 131 44 93 0 89 58 25 19 FY19 FY20 FY21 FY22 FY23 FY24 COVID IMPACT 25
Slide 26: Book Net Asset Value (NAV)
Book Net Asset Value (NAV) 1 USD Million (at Official FX) LTV 11.6% 101 235 114 RAMBLAS DEL PLATA 529 768 34 2.034 281 1.799 Market Cap 868 736 P/NAV 0.48x Shopping Malls Offices Hotels Land reserves & Banco JV, Investees & Gross Asset Net Debt Net Asset Value Prop. Under Hipotecario Others 2 Value
Slide 27: Net Debt Evolution
Net Debt Evolution (In USD Million) -69% 755 640 566 574 345 306 231 273 323 248 235 410 335 334 301 FY18 FY19 FY20 FY21 FY22 FY23 FY24 COVID IMPACT Net Debt / Rental EBITDA 1.44x LTV 11.6% Coverage Ratio 10.3x 27
Slide 28: Debt Amortization Schedule
Debt Amortization Schedule As of June 30, 2024 (In USD Million) Last Issuances (Jun-24) USD 42.0 MM ARS USD int 21% Gross Debt 387.4 34% Series XX – USD MEP USD - Amount: USD 23.0 MM linked - Interest rate: 6.0% 4% - Maturity: Jun-26 USD loc 41% Series XXI - ARS - Amount: USD ~19.0 MM - Interest rat
Slide 29: IRSA Dividends Distribution & Shares Buyback Programs
IRSA Dividends Distribution & Shares Buyback Programs Recent Cash Dividend Distribution (in USD CCL million) Recent Repurchase Programs (in USD CCL million) % of Social Capital USD MM Dividend Yield USD MM FY 22 – FY 23 1.16% 3.8 FY 23 (nov-22) ~4.5% 14 FY 23 – FY 24 1.06% 7 FY 23 (may-23) ~13% 50 F
Slide 30: Group Capital Markets Track Record
Group Capital Markets Track Record NUMBER OF CAPITAL AMOUNT ISSUED GROUP LISTED VEHICLES NON-DEFAULT HISTORY MARKETS TRANSACTIONS +200 +USD 18bn 4 New York, Buenos Aires, & Sao Paulo Even in the worst Argentinean crisis (2001) & COVID-19 IRSA IPO APSA IPO (now IRCP) CRESUD LIABILITY LOCAL MARKET DOL
Slide 31: Contact Us
Contact Us Our Website Our Email Our Phone Our Address Our Twitter www.irsa.com.ar [email protected] (+54) 911 4323-7449 Della Paolera 261 @IRSAIR 9th floor
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